Suncrest Bank Completes $13.5 Million Capital Raise
New funds will be used for continued growth and strategic Initiatives
VISALIA, Calif., May 4, 2015 /PRNewswire/ -- Suncrest Bank, (OTCQX: SBKK) announced today that it has completed a private placement of approximately $13.5 million of its common stock, positioning the Company to grow its Central California Franchise.
In the offering, the Bank issued 1,918,827 shares to both new and existing local investors as well as institutions, and proceeds will be used to support Suncrest' s continued strong growth, as well as improve capital ratios.
"Over the past couple of years we have achieved significant growth in core deposits and within our loan portfolio, while maintaining excellent credit quality and a strong balance sheet," said President and CEO Ciaran McMullan, "This new capital will allow us to continue our organic growth, and give us the flexibility to consider other strategic initiatives".
During 2014 Suncrest Bank grew its total assets by over 49% and its loan portfolio by 33%, and is rapidly becoming one of central California's banking success stories, being in the top 1.5% of fastest growing banks in the country in 2014.
MJ Capital Partners, LLC acted as Placement Agent for the offering. This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Bank.
About Suncrest Bank:
Suncrest Bank, member FDIC, is locally owned and operated and offers a full range of business, agribusiness and personal deposit products and loans in the California's Central Valley. It has branches in Visalia and Porterville. It is regularly rated Five Stars by Bauer Financial and is dedicated to providing a high level of personal service, and to supporting the communities which it serves. It is also a Preferred Lender with the Small Business Administration. Suncrest Bank stock trades on the OTCQX under the ticker symbol SBKK. For further information, visit www.suncrestbank.com
Forward Looking Statements
Except for the historical information in this news release, the matters described herein contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include: the credit risks of lending activities, including changes in the level and trend of loan delinquencies and charge-offs, results of examinations by our banking regulators, our ability to maintain adequate levels of capital and liquidity, our ability to manage loan delinquency rates, our ability to price deposits to retain existing customers and achieve low-cost deposit growth, manage expenses and lower the efficiency ratio, expand or maintain the net interest margin, mitigate interest rate risk for changes in the interest rate environment, competitive pressures in the banking industry, access to available sources of credit to manage liquidity, the local and national economic environment, and other risks and uncertainties. Accordingly, undue reliance should not be placed on forward-looking statements. These forward-looking statements speak only as of the date of this release. Suncrest Bank undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date of this release or to reflect the occurrence of unanticipated events. Investors are encouraged to read the Suncrest Bank annual reports which are available on our website.
SOURCE Suncrest Bank
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